Bloomberg TV Investigates Hidden Fees in 401k Plans
NEW YORK, NY, June 17, 2008 -- Some 78 million Baby Boomers start surging into retirement this year - the first generation of Americans to rely on 401k plans to help sustain them in their golden years. Yet according to Boston College's Center for Retirement Studies, the average 401k balance for Boomers near retirement is only around $60,000. Among the reasons why 401ks are falling short: as many as 17 different fees -- many of them hidden -- can, over a lifetime of savings, skim off more than half of a 401k investor's potential returns.
Hosted by Mike Schneider, this special BLOOMBERG TELEVISION report -- "401k Hidden Fees" -- will show how these legal fees are buried in the fine print of obscure documents or are so confusing that even financial consultants find them hard to untangle. No wonder eight out of ten respondents with 401ks don't know the cost of their plans, according to a 2007 survey by AARP.
BLOOMBERG TELEVISION viewers will meet several Americans who only learned about the fees they're paying after Bloomberg had their plans analyzed by professionals. Through their stories, viewers will learn where to find some of these hidden fees, who's charging them and how it's being done without the knowledge of the Boomers whose nest eggs may not be large enough when it's time to retire.
"401k Hidden Fees" airs on Thursday, June 19, 2008 at 7:00pm and 9:00pm.
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